Cooperative Compliance: The Italian Framework

Pubblicato su: TPWeek

On May 26 2017 the Italian regime on cooperative compliance was further clarified by the Italian Revenue Agency (IRA or tax administration) by virtue of a new regulation (provvedimento). Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain.

The Italian framework of cooperative compliance has been built since 2014, when it was envisaged by law as part of a set of measures to establish a fairer, more transparent and growth-oriented national tax system.

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Flat Tax: il Nuovo Regime per Attrarre i Ricchi

Pubblicato su: Legal - maggio 2017

Il regime di cui all’art 24 bis del Tuir è stato introdotto con la finalità di offrire un trattamento fiscale vantaggioso sui redditi di fonte estera alle persone fisiche che trasferiscono la propria residenza fiscale in Italia.
Si tratta pertanto di un regime fiscale speciale, ideato per quei contribuenti che producono redditi all’estero di una certa consistenza, considerato anche l’importo dell’imposta sostitutiva applicata.

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Italy: Changes to the TP Framework

On April 24 2017, a new law decree (N. 50/2017) introduced changes to the Italian transfer pricing framework. Antonella Della Rovere and Federico Vincenti from Valente Associati GEB Partners look at the changes.

In a nutshell, the Italian provision on transfer pricing (art. 110 para. 7 of the Italian Income Tax Code) was amended to clearly and definitively encompass the principle of open market conditions.

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Tax Uncertainty Is a Certain Global Risk

In March 2017, the OECD and the IMF published a report on tax uncertainty (Report) confirming that such uncertainty exists and impacts on business and investment. Similar was the outcome of an earlier survey one year ago by the Oxford University Centre for Business Taxation: Measuring Corporation Tax Uncertainty Across Countries.

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Latest Developments on Country-by-Country Reporting

Pubblicato su: IAFEI Quarterly 36th Issue, April 2017

The Decree of the Italian Ministry of Economy and Finance for the implementation of Country-by-Country reporting (hereinafter, “CbCR”) in Italy was issued on 23 February 2017.
The latter provided for reporting obligations involving enterprises that meet certain criteria, defining the deadline and the related model to be complied with.

The definition of CbCR terms and standards was expected after the issuance of Law No.208 issued on December 30, 2015 set forth that operational details of the mentioned reporting mechanism had to be determined by the Ministry of Economy and Finance.

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Italian Tax Authorities Action Against Fictitious Corporate Tax Residence

Pubblicato su: Intertax 45.4

Fictitious corporate tax residence is a primary concern for States, in view of the fact that it impacts – directly and incisively – on States’ taxing rights, and also since it is known to trigger double taxation as well as double non-taxation phenomena.

Based on the above, it is quite evident that to counter such phenomena, a coordinated approach at international level is altogether imperative, especially since regulation of tax aspects has been playing an increasingly central role in debates and discussions between and among Tax Authorities, and international institutions.

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Procedure Amichevoli, Procedure Arbitrali e Rapporti Fisco-Contribuente

Tra gli strumenti di risoluzione delle controversie tra Stati - il cui obiettivo fondamentale è l’eliminazione della doppia imposizione - assumono significativo rilievo, da un lato, la procedura amichevole - disciplinata dall’art. 25 del Modello di Convenzione OCSE - dall’altro, la procedura arbitrale di cui alla Convenzione 90/436/CEE, con riguardo particolare al transfer pricing.

È importante che le Amministrazioni finanziarie cooperino effettivamente e prontamente tra loro affinché, per effetto dei citati strumenti, possa essere pienamente conseguito l’obiettivo dell’eliminazione della doppia imposizione.

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Costruzione “Genuina” e “Sostanza Economica” nei Principi Comunitari

Le norme generali antiabuso contenute nell’ordinamento comunitario mirano a contrastare le costruzioni artificiose poste in essere essenzialmente al fine di eludere l’imposizione fiscale o di ottenere un vantaggio fiscale indebito.

Una costruzione o una serie di costruzioni è considerata non “genuina” (i.e., costruzione artificiosa) nella misura in cui non sia stata posta in essere per valide ragioni commerciali che rispecchiano la realtà economica.

Contestare l’assenza di “sostanza economica” significa opporre al contribuente la scelta di una “concatenazione” di operazioni non coerenti rispetto al risultato economico da raggiungere, in assenza di ragioni economiche che abbiano indotto ad una determinata scelta.

La natura abusiva della condotta dovrebbe essere esclusa se la forma giuridica adottata si manifesta coerente con l’obiettivo economico da raggiungere.

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Country-by-Country Reporting Finally Arrives in Italy

Pubblicato su: TPWeek

In February 2017, the Italian Ministry for Finance issued the long-awaited ministerial decree for the implementation of country-by-country reporting (CbCR) in Italy – Ministerial Decree No. 23 of February 23 2017. Antonella Della Rovere and Filipa Correia of Valente Associati GEB Partners discuss the implications.

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BEPS Action 15: Release of Multilateral Instrument

Pubblicato su: Journal - Intertax (Issue 45.3)

The release of the Multilateral Instrument constitutes an important step towards the most significant re-write of international tax rules in a century. It is the multilateral convention enabling the simultaneous amendment of more than 3,000 existing bilateral conventions for the avoidance of double taxation. It aims at eliminating loopholes and mismatches among them, which are susceptible to allow aggressive tax planning.

In thirty-nine articles, it implements measures indicated in Actions 2, 6, 7 and 14 of the Base Erosion and Profit Shifting (BEPS) Project, regarding hybrid mismatches, treaty abuse, artificial avoidance of permanent establishment status and dispute resolution of international tax disputes.

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Tax Intermediaries Disincentives: Discrimination on the Basis of Profession?

On 16 February 2017 the Public Consultation on the proposed introduction of rules at EU level to disincentivize promotion of aggressive tax planning schemes was closed.
The rules under consideration focus on a Mandatory Disclosure Regime (MDR) – referred to also as a Disclosure of Tax Avoidance Schemes (DOTAS) regime. Under such rules, tax advisers and tax intermediaries would be required to notify tax authorities on tax structures which could be considered aggressive or abusive, howsoever such terms may be defined.

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Automatic Information Exchange Comes to Italy

Pubblicato su: TP Week

In December 2016, the Italian Council of Ministers presented to Parliament the Draft Legislative Decree for the implementation of Directive 2015/2376/EU.
The decree sets out automatic exchange of information in the field of taxation, in particular with respect to advance cross-border rulings and advance pricing agreements (APAs).

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Il Nuovo Bilancio di Esercizio e i Principi Contabili Nazionali OIC

Le principali novità in materia di fiscalità nazionale, con particolare riguardo alle modifiche legislative introdotte dal D.Lgs. n. 139/2015 al sistema di norme e principi che regolano la disciplina civilistica della redazione del bilancio di esercizio, sono state oggetto dell’VIII Forum annuale sul Bilancio delle società, organizzato dalla Scuola di Formazione IPSOA del Gruppo Wolters Kluwer con ANDAF, tenutosi a Milano il 14 febbraio 2017.

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